Anti-Fraud Software Gets New Detection Feature

Wolters Kluwer Financial Services added new preventative features to its Wiz Sentri: Anti-Fraud software.

The update will help financial institutions prevent financial crimes by detecting the actual precursors to a fraudulent attack via continuous, real-time monitoring of both activity and behavior, Wolters Kluwer said. The new function analyzes correlations and activity patterns between customers and their accounts and an institution’s employees.

“The mere detection of suspicious activity does not mitigate fraud or its associated monetary losses within a financial institution,” said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services’ Financial Intelligence Unit.

Cooper added: “Identifying suspicious relationships and behavior prior to an actual loss is a key strategy of effective anti-fraud programs. The enhancements we’ve made to our Wiz Sentri: Anti-Fraud solution will help fraud investigators move from detecting fraud to preventing fraud.

Write to Austin Kilgore.